Washington, DC - U.S. Senators Robert Menendez (D-NJ) and Jeffrey Chiesa (R-NJ) today applauded the announcement by the Federal Emergency Management Agency (FEMA) that seven New Jersey communities received $29.7 million in Community Disaster Loans. These low-interest loans will help local governments that suffered substantial revenue losses from Superstorm Sandy.

"Superstorm Sandy placed a huge burden on our local governments and these much-needed low-interest loans will help seven Sandy-affected communities continue to provide critical services including police, fire and other vital functions as they work toward their full recovery," said Senator Menendez. "The point is to help these seven Jersey Shore communities come back better and stronger than they were before the storm, and I'm grateful that this aid has been provided so that these communities can continue to operate while they recover and rebuild."

"These loans will go toward helping communities continue essential operations, even after losing millions in revenue to Superstorm Sandy. I commend FEMA for their continued attention to the New Jersey recovery and will work to provide our cities and towns with the resources they desperately need," said Senator Chiesa. "In the immediate aftermath of Sandy, I saw the devastation the superstorm wreaked on our communities. As senator, I will continue to facilitate the good working relationship between New Jersey and the Federal government in meeting our state's needs."

The New Jersey areas receiving loans, as of May 31, are:

  • Borough of Atlantic Highlands, $2,108,876;
  • Borough of Keansburg, $3,954,766;
  • Borough of Little Silver, $1,829,324;
  • Borough of Oceanport, $1,154,931;
  • Toms River Township, $5,000,000;
  • Borough of Sea Bright, $1,297,273;
  • Toms River Fire District, $1,550,078.

From FEMA:
Loans cannot exceed 50 percent of a jurisdiction's operating budget for the year in which the disaster occurs. The maximum loan is $5 million. Jurisdictions must demonstrate the need for assistance to perform government functions. The term is five years but can be extended to 10 years if the applicant chooses. Interest on the loans equals the rate for five-year maturities determined by the Secretary of the Treasury on the day the note is executed.

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